Kazakh Senate Votes To Extend Capital Amnesty
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November 2, 2006 -- The upper chamber of the Kazakh parliament voted today to extend a deadline for the legalization of unregistered real estate and property by three months.
The decision must still be approved by President Nursultan Nazarbaev, who suggested on September 1 that the deadline should be extended.
It was originally due to expire on December 30 of this year. The new cutoff would be April 1 under the measure approved today by the Senate.
Nazarbaev and his government hope the amnesty, which is aimed at curbing the shadow economy, will lead to about $30 million in additional budget revenues.
Addressing a cabinet meeting on October 27, Deputy Prime Minister Karim Masimov said he regretted that so few people had decided to take advantage of the measure.
The Finance Ministry said that, as of today, the capital amnesty had brought the state treasury just $2.2 million in revenues.
(Interfax-Kazakhstan, Kazakhstan Today)